Thursday’s revenue forecast is an important reminder that a strong,healthy economy is the best source of revenue for schools and other critical public services. Even after $473 million in additional revenue "kicks" back to taxpayers as a credit against 2014 income taxes paid, state economists forecast that total resources for public services will grow by $463 million compared with the forecast this past March.
In order to sustain this economic growth and produce even more new revenue for future state budgets, we are pleased that many legislators from both parties are focusing on three key priorities laid out in the Oregon Business Plan for 2015. They are:
Connect Education to Careers through STEM and CTE
Modernize Our Infrastructure
Put Our Natural Resources to Work for Rural Oregon
We are also pleased that in her statement yesterday on the forecast, Governor Brown indicated her alignment with these Business Plan priorities:
“I am pleased that strong economic growth will enable us to invest an additional $100 million in our public schools as well as fund early childhood, career technical, and STEM programs that support student success and reduce the opportunity gap. According to the U.S. Department of Education, Oregon’s 2013 graduation rate was the worst in the country. We simply must do better, and we will.
“Additionally, Oregon’s positive economic outlook allows us to reinvest in other priorities for middle-class Oregonians such as access to health care, ensuring public safety, and promoting rural economic development while also building our savings. It’s important to have funds in reserve for future needs.”
While we know there is great support for the Business Plan priorities, critical legislation and investments are still in the balance. Our mid-session update released last month highlighted many of them. We are optimistic that our elected leaders will step up to the challenge in the remaining weeks of the legislative session, while saving resources for future needs.
